VinFast's market capitalization continues to decline, now down to $32 billion.

At the opening of the official trading session on September 26th on the US Nasdaq stock exchange (evening of September 26th in Vietnam time), shares of VinFast Auto (VFS), owned by billionaire Pham Nhat Vuong, fell for the fifth consecutive session.

Specifically, as of 8:30 PM on September 26th (Vietnam time), VFS shares had decreased by 1.7% compared to the previous trading session, falling to $13.7 per share.

At its current price, VinFast Auto (VFS), owned by billionaire Pham Nhat Vuong, has a market capitalization of $32.6 billion.

VFS shares plummeted to their lowest point.

Over the past 13 trading sessions, VinFast shares have fluctuated in a downward trend, from $18/share to below $14/share. Trading volume has decreased to 2-3 million units per session, compared to the 10-20 million units per session seen during the active trading days at the end of August.

In the trading session on September 25th, VinFast recorded only 2.35 million units traded.

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With its stock price falling for the past five sessions, VinFast's market capitalization has dropped to 16th place globally , behind South Korean automaker Hyundai, China's Li Auto, and India's Maruti Suzuki.

Tesla, the world's largest electric car manufacturer, owned by billionaire Elon Musk, currently has a market capitalization of $784 billion. ByD, China's largest electric car manufacturer, has a market capitalization of $93 billion.

Investors are currently waiting to see when VinFast will receive approval from the U.S. Securities and Exchange Commission (SEC) for its plan to register an offering of more than 75 million VFS shares.

VinFast's market capitalization dropped to 16th place, behind Hyundai.

On September 21st, VinFast filed an application to offer common shares from a number of shareholders, including sponsors of Black Spade, others associated with Black Spade, and key VinFast shareholders: Vietnam Investment Group Corporation (VIG) and Asian Star Trading & Investment (Asian Star). In total, this group will offer more than 75.7 million common shares.

This is a number of shares 17 times higher than the 4.5 million listed VFS shares (out of a total of over 2.3 billion VFS shares outstanding).

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According to the plan, two private investment companies owned by Mr. Pham Nhat Vuong, VIG and Asian Star, will offer 46.29 million VinFast shares to the market, equivalent to approximately 2% of the outstanding shares.

VinFast shares fell despite the automaker continuing to launch new models. VinFast is expected to release the VF 6 (a B-segment SUV) in September.

VinFast launches massive share offering, market capitalization drops to $34 billion . VinFast shares continued to fall for the fourth consecutive session, pushing its market capitalization down to $34 billion. The company owned by billionaire Pham Nhat Vuong is about to offer a large number of shares, 17 times the current outstanding amount.

Source: https://vietnamnet.vn/vinfast-giam-tiep-von-hoa-con-32-ty-usd-2194653.html